First Majestic Silver Corp (AG) 2025 Q2 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the First Majestic Silver 2025 Q2 financial results conference call. As a reminder, all participants are in listen-only mode and the conference is being recorded. (Operator Instructions)

感謝您的支持。我是會議主持人。歡迎參加 First Majestic Silver 2025 年第二季財務業績電話會議。提醒一下，所有參與者都處於只聽模式，會議正在錄音。（操作員指示）

I would now like to turn the conference over to Mr. Keith Neumeyer, President and Chief Executive Officer of First Majestic Silver. Keith, please go ahead.

現在，我想將會議交給 First Majestic Silver 總裁兼執行長 Keith Neumeyer 先生。基思，請繼續。

Thank you for that, and welcome, everyone. Glad you were able to join us this morning early. Thank you for joining us today to discuss our second-quarter financial results and updated 2025 guidance. Our second-quarter results, news release, MD&A and financial statements were released earlier this morning and are posted on our website.

謝謝大家，歡迎大家。很高興您今天早上能早點加入我們。感謝您今天加入我們討論我們的第二季財務表現和更新的 2025 年指引。我們的第二季業績、新聞稿、管理層討論與分析 (MD&A) 和財務報表已於今天早上發布，並發佈在我們的網站上。

Joining me in Vancouver for our call today are David Soares, our Chief Financial Officer; Steve Holmes, our Chief Operating Officer; Samir Patel, our General Counsel and Corporate Secretary; Mani Alkhafaji, VP Corporate Development and Investor Relations. We also have Darrell Rae and Joel Faltinsky from our Investor Relations team. We will be prepared to remark or take questions after our presentation.

今天在溫哥華參加我電話會議的有我們的財務長 David Soares、我們的營運長 Steve Holmes、我們的總法律顧問兼公司秘書 Samir Patel 以及公司發展與投資者關係副總裁 Mani Alkhafaji。我們的投資人關係團隊還有 Darrell Rae 和 Joel Faltinsky。我們將準備在演講結束後發表評論或回答問題。

Before we start, I'll ask Samir to read out the forward-looking statement disclaimer. Samir?

在我們開始之前，我會請薩米爾宣讀前瞻性聲明免責聲明。薩米爾？

Thanks, Keith. Before we begin today's call, I would like to remind you that we will be referring to certain non-IFRS measures and making certain statements regarding First Majestic Silver and its operations that constitute forward-looking statements in accordance with applicable Canadian and US securities laws.

謝謝，基斯。在我們開始今天的電話會議之前，我想提醒您，我們將參考某些非國際財務報告準則的措施，並就 First Majestic Silver 及其營運做出某些聲明，這些聲明根據適用的加拿大和美國證券法構成前瞻性聲明。

All statements that are not historical facts such as statements regarding future estimates and plans or expectations of future performance constitute forward-looking statements that reflect the company's current views with respect to future events.

所有非歷史事實的陳述，例如有關未來估計和計劃或對未來業績的預期的陳述，均構成前瞻性陳述，反映了公司對未來事件的當前看法。

These statements are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the company, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies.

這些聲明必然基於一系列假設和估計，雖然公司認為這些假設和估計是合理的，但它們本質上會受到重大的商業、經濟、競爭、政治和社會不確定性和偶然性的影響。

We encourage you to refer to the quarterly language included in our news release that was disseminated earlier this morning and the disclosure on non-IFRS measures in our most recently filed management's discussion and analysis, as well as the risk factors set out in our most recently filed annual information form.

我們鼓勵您參考我們今天早上發布的新聞稿中的季度語言和我們最近提交的管理層討論和分析中關於非國際財務報告準則措施的披露，以及我們最近提交的年度信息表中列出的風險因素。

As a reminder, these documents, along with all of our continuous disclosure documents, are available on SEDAR+ and on EDGAR. Investors are cautioned against attributing undue certainty or reliance on any forward-looking statements made during today's call, and the company does not intend or assume any obligation to update these forward-looking statements or information, other than as required by law.

提醒一下，這些文件以及我們所有的持續揭露文件都可以在 SEDAR+ 和 EDGAR 上找到。投資者應注意不要對今天電話會議中做出的任何前瞻性陳述抱有過度的確定性或依賴性，並且公司不打算或承擔更新這些前瞻性陳述或資訊的任何義務，除非法律要求。

With that, I will turn the call back to Keith.

說完這些，我就把電話轉回給基斯。

Thanks, Samir. I appreciate that. And before I get into the presentation, I just want to make a couple of quick notes. Obviously, a volatile day in the stock market. Silver and gold prices are having a down day today, which is unfortunate, but nevertheless, we've seen this constantly, and it's just the volatility in the market.

謝謝，薩米爾。我很感激。在開始演講之前，我想先簡單說幾句。顯然，這是股市動盪的一天。今天白銀和黃金價格下跌，這很不幸，但儘管如此，我們已經不斷看到這種情況，這只是市場的波動。

But also our stock is somewhat affected today by our news, such positive news. And have been on record using the word record 27 times, and maybe today, I'll be breaking that record, we'll see. But there was some news that came out earlier and I'm just looking at headlines.

但今天我們的股票也受到了一些消息的影響，例如正面的消息。並且已經有記錄顯示使用“記錄”這個詞 27 次，也許今天，我會打破這個記錄，我們拭目以待。但早些時候已經有一些新聞了，我只是在看標題。

One headline said we missed our revenue by 30%. Well, the writer of that headline of that article actually didn't realize that we reported in Canadian dollars or US dollars, pardon me, and they're using Canadian dollars. So I don't know how that happened, but nevertheless. So that headline is complete nonsense. And also, we saw Reuters announcement or headline that came out this morning that said we had a loss, and actually, we have a gain.

一個標題說我們的收入損失了 30%。嗯，那篇文章標題的作者其實並沒有意識到我們是用加幣還是美元來報道的，對不起，他們使用的是加幣。所以我不知道這是怎麼發生的，但無論如何。所以這個標題完全是胡說八道。而且，我們看到今天早上路透社的公告或頭條新聞說我們出現了虧損，但實際上，我們已經獲利了。

So again, we're contacting these news sources and are trying to correct them. So it's just part of the business, unfortunately, we have to deal with. And I would suggest people just look at our news release; that's what the facts are. Super record quarter, best quarter ever in the company's history, strong safety performance, which we're very proud of.

因此，我們再次聯繫這些新聞來源並試圖糾正它們。不幸的是，這只是我們必須處理的業務的一部分。我建議大家看看我們的新聞稿；這就是事實。這是一個創紀錄的季度，是公司歷史上最好的季度，安全性能強勁，我們對此感到非常自豪。

Silver production, 3.7 million ounces, up 76% year over year. And we do have a presentation on screen. I don't know there's a number of people that are hopefully watching it. I know some of you are dialing in and don't have access on the screen. But we do have a PowerPoint that we do have available that we are going through to follow my presentation.

白銀產量370萬盎司，較去年成長76%。我們確實在螢幕上進行了演示。我不知道有多少人滿懷希望地觀看它。我知道你們中的一些人正在撥號但無法存取螢幕。但是我們確實有一個可用的 PowerPoint，我們正在透過它來跟進我的簡報。

So with silver equivalent production of 7.9 million ounces, up 48% year over year; record quarterly revenue, $268 million, up 94% year over year, that's not too bad. We're in line with having $1 billion in revenue for 2025. It's a pretty exciting place to be.

因此，白銀當量產量達到 790 萬盎司，年增 48%；季度營收達到創紀錄的 2.68 億美元，年增 94%，這還不算太糟。我們預計到 2025 年的營收將達到 10 億美元。這是一個相當令人興奮的地方。

Record EBITDA of $120 million, significant cash flows of about $115 million. Record cash position, and me as a CEO, I love looking at this number, I see it every Friday, and $510 million in the bank is not a too bad place to be for a company like ours. And that's growing. It should get better, should continue to grow.

EBITDA 達到創紀錄的 1.2 億美元，現金流約 1.15 億美元。創紀錄的現金狀況，作為首席執行官，我喜歡看這個數字，我每週五都會看到它，對於我們這樣的公司來說，銀行里的 5.1 億美元並不是一個太糟糕的數字。而這一數字還在不斷增加。它應該會變得更好，應該會繼續成長。

Strong balance sheet, as I said. We do have the convertible of course, but some people look at that as debt, but quite honestly, I look at that as equity. We're paying dividends, as all of you know, 1% of revenue. So as our revenue increases, our dividends also increase as a result of increased revenues. Record spending on exploration, 255,000 meters are expected to be drilled this year. We have 20 rigs currently active.

正如我所說，資產負債表強勁。當然，我們確實有可轉換債券，但有些人將其視為債務，但老實說，我將其視為股權。眾所周知，我們支付的股息為收入的 1%。因此，隨著我們的收入增加，我們的股息也會隨著收入的增加而增加。勘探支出創歷史新高，預計今年將鑽探25.5萬公尺。我們目前有 20 個鑽井平台在運作。

That includes Jerritt Canyon. We just had our team down at Jerritt Canyon, watching the drilling going on there and is looking quite exciting. There's a second rig arriving, I think, next week. So that's part of that 255,000 meters of drilling. That's a lot of drilling.

其中包括傑里特峽谷。我們剛派團隊來到傑里特峽谷，觀看那裡的鑽探工作，看起來非常令人興奮。我認為下週會有第二艘鑽機抵達。這是 255,000 公尺鑽探的一部分。這需要大量的鑽探。

The exploration success Navidad, Santo Niño and Santa Elena, they're just -- it's amazing, those two ore bodies. And internally, we're just putting together a bunch of work on the best way to get into those ore bodies, best way to develop them. The quickest timelines. Getting that ore into the mill and the timelines around all of that. So we'll put that information out when we're ready to do that.

勘探成功了納維達德 (Navidad)、聖尼諾 (Santo Niño) 和聖埃倫娜 (Santa Elena)，這兩個礦體真是太神奇了。而在內部，我們正在集中精力尋找進入這些礦體的最佳方法，以及開發它們的最佳方法。最快的時間表。將礦石送入磨坊以及所有相關流程的時間表。因此，當我們準備好時，我們會發布該資訊。

First Mint is doing very well, very excited about that project, and that's making money, which is good. You'll see on this slide, we remain really the purest silver company in the business. And if you look at the numbers, we're at 55% silver, Hecla catching up a little bit.

First Mint 做得很好，對這個專案感到非常興奮，而且它正在賺錢，這很好。您會在這張投影片上看到，我們仍然是業界最純粹的白銀公司。如果你看一下數字，我們擁有 55% 的白銀，赫克拉稍微趕上了一些。

They had a good quarter, 44% silver, 30 -- after [silver max] with Coeur, the 34% and Pan American falling a little bit behind but has increased a little bit as a result of the MAG transaction at 24%. So out of the group, this is the group that we measure ourselves against, and it's important to us to remain 50% silver or higher and we've achieved that over the last couple of quarters.

他們有一個不錯的季度，白銀含量為 44%，30——在與 Coeur 的 [白銀最高] 之後，為 34%，而 Pan American 略有落後，但由於 MAG 交易而略有增加，為 24%。因此，在這個群體中，這是我們衡量自己的標準，對我們來說，保持 50% 或更高的白銀比例非常重要，我們在過去幾個季度中已經實現了這一目標。

So moving along into our cost structures and our production. You see, we had a great first half of the year. We're on track to hit our guidance of between 30 million and 31 million and 32 million silver equivalent ounces for the year. We're seeing Gatos continually deliver, which is great to see. It's been a great contributor to our portfolio.

因此，繼續推進我們的成本結構和生產。你知道，我們今年上半年過得很好。我們預計將實現今年 3,000 萬至 3,100 萬至 3,200 萬盎司白銀當量的預期。我們看到 Gatos 不斷取得進展，這真是令人高興。它對我們的投資組合做出了巨大貢獻。

San Dimas is coming along nicely, which is good to see after some challenges. The last couple of quarters has been quite good. For San Dimas, the costs have creeped up a little bit, as you can see on the slide, we're looking to see that hopefully come down over the next couple of quarters. But there is inflation in the system.

聖迪馬斯目前進展順利，在經歷了一些挑戰之後，這是令人欣慰的。過去幾季表現相當不錯。對於聖迪馬斯來說，成本已經略有上升，正如您在幻燈片上看到的那樣，我們希望在接下來的幾個季度內成本下降。但該系統存在通貨膨脹。

And Q2, as most of you probably know, who are listening, it tends to be a fairly big cash out draw. That's when you got union bonuses. That's when you've got cash -- tax payments as well. So tends to be heavy spend in Q2 just in the Mexican mining sector. That's just kind of normal. So that should revert over the next couple of quarters, we'll see.

而第二季度，正如你們大多數人可能知道的那樣，這往往是一筆相當大的現金支出。那時你就會得到工會獎金。那時你就有現金了──還有稅金。因此，僅墨西哥採礦業在第二季度的支出就往往很大。這很正常。因此，這種情況應該會在接下來的幾個季度內恢復，我們拭目以待。

As things evolve -- we just move along here. Our guidance, well, this is information already that's gone out of the market, but you can see our guidance on costs. We're within guidance, as you can tell. And we're quite within our production guidance as well. So everything is working as scheduled and on time and as expected.

隨著事態的發展——我們只是繼續前進。我們的指導，嗯，這是已經從市場上發布的信息，但您可以看到我們關於成本的指導。正如您所知，我們正處於指導之中。而且我們也完全符合我們的生產指導。所以一切都按計劃、按時、如預期進行。

So when it comes to capital, we had a pretty aggressive first half getting these exploration programs going and getting the development done. We did front end the budget slightly. And that was just to get things really kicked off.

因此，就資本而言，我們在上半年非常積極地進行這些勘探計畫並完成開發。我們確實稍微提前了預算。這只是讓事情真正開始。

As a result of strong production and revenues and profits from Q4 and Q1, we did expand some of our projects, and we did come out with a revised guidance earlier in July, as most of you probably have seen, and that has translated into higher underground development costs, higher exploration costs. But this is all growth capital.

由於第四季度和第一季的強勁產量、收入和利潤，我們確實擴大了一些項目，正如大多數人可能已經看到的那樣，我們在 7 月初發布了修訂後的指南，這意味著更高的地下開發成本和更高的勘探成本。但這都是成長資本。

It's all very nice to see. And will have big impacts on the business over the next couple of years. So it's great to be in a position, a strong position to be able to increase our budgets and spend this money, whereas money should be spent to grow the business over time. We're happy to be able to do that.

看到這一切真是太好了。並將在未來幾年對業務產生重大影響。因此，能夠增加預算並花掉這些錢是件好事，而這些錢應該用來隨著時間的推移發展業務。我們很高興能夠做到這一點。

And on our cash flows, you can see by this slide, very, very strong cash flows. Record cash flows that -- I used the word record again. He's counting how many times I have used the word record. I got to use it more. But record cash flows, we're very excited about that.

關於我們的現金流，您可以透過這張投影片看到，現金流非常非常強勁。記錄現金流——我再次使用了「記錄」這個詞。他正在數我使用了「記錄」這個詞多少次。我必須更多地使用它。但創紀錄的現金流讓我們對此感到非常興奮。

And I go back to the treasury day. The treasury is growing, and that's what I look like or what I look at as being a successful business. You don't have to be going to the public markets to raise capital. You're actually generating cash, and that's a pretty good place to be.

然後我回到財政部。資金不斷增長，這就是我所看到的，或者說我所認為的成功企業。您不必去公開市場籌集資金。你實際上正在產生現金，這是一個非常好的狀態。

Talking about some of the things that we're doing on the CapEx side. I should go back and just address a couple of CapEx issues. We are looking at getting the Santa Elena up and up to 3,500 tonnes a day that's in process. We are working on getting Navidad and Santo Niño developed, which I kind of touched on, but we're getting pretty advanced on that. And I would look for news on both of those projects.

談論我們在資本支出方面所做的一些事情。我應該回去解決幾個資本支出問題。我們正在考慮將聖埃琳娜號的日產量提高到 3,500 噸，目前這項工作正在進行中。我們正在努力開發 Navidad 和 Santo Niño，我之前提到過這一點，但我們在這方面已經取得了相當的進展。我會尋找有關這兩個項目的新聞。

There's some pretty exciting things going on there. And Gatos getting it up to a consistent 4,000 tonnes per day. We're there, but consistently keeping it at those levels is one of our major goals. We're actually changing the haulage at La Encantada. We've bought our own fleet, and we're going to be doing self-haulage. So we're hoping to see a little bump up in CapEx because we have to buy the fleet, but it will be a lower OpEx over the next couple of quarters as we start to do our own haulage there.

那裡正在發生一些非常令人興奮的事情。而 Gatos 則將其產量穩定提高到每天 4,000 噸。我們已經達到了這個水平，但始終保持這個水平是我們的主要目標之一。我們實際上正在改變 La Encantada 的運輸方式。我們已經購買了自己的車隊，並將進行自行運輸。因此，我們希望看到資本支出略有增加，因為我們必須購買車隊，但隨著我們開始在那裡進行自己的運輸，未來幾季的營運支出將會降低。

So going back to the cash flow slide, going back and forth here a little bit, but -- you can see for yourself strong cash flows, okay. We're going to go to our waterfall EBITDA slide. And this just gives you an idea of what our budget is compared to what actually occurred. Obviously, the depletion and amortization is a big number.

因此，回到現金流幻燈片，在這裡來回移動一點，但是 - 您可以親眼看到強勁的現金流，好吧。我們將進入瀑布式 EBITDA 幻燈片。這只是讓您了解我們的預算與實際情況的比較。顯然，耗竭和攤提是一個很大的數字。

I should probably pass this comment because we do get questions on this. I think I should probably divert this to David. Why don't you talk about this?

我應該傳遞這個評論，因為我們確實對此有疑問。我想我應該把這個問題轉交給大衛。為什麼不談論這個？

Yeah, thank you, Keith. Hello, everyone. Just on slide 7 here, we've got the waterfall that shows the difference between net earnings or what makes up the difference between net earnings and EBITDA. You can see there a large portion of that difference is really just the depletion, depreciation and amortization, and about $44 million or so, $44.6 million relates to Cerro Los Gatos and really the PPA, the purchase price allocation bump that was done when we had to allocate the $1 billion that we paid for the asset to the asset. So it went from a book value of a few hundred million dollars to $1 billion. Obviously, that brings up the value and the depreciation as well.

是的，謝謝你，基斯。大家好。就在第 7 張投影片上，我們有一個瀑布圖，顯示了淨收益之間的差異或淨收益與 EBITDA 之間的差異。您可以看到，其中很大一部分差異實際上只是耗竭、折舊和攤銷，大約有 4400 萬美元左右，其中 4460 萬美元與 Cerro Los Gatos 有關，實際上與 PPA 有關，即當我們必須將為該資產支付的 10 億美元分配給該資產時產生的購買價格分配上漲。因此它的帳面價值從幾億美元漲到了10億美元。顯然，這也帶來了價值和貶值的增加。

So we also had a strong production quarter across most of our sites, and that also contributed a little bit here as well. So really, that noncash item making up the big difference between net earnings and EBITDA. We had some financing costs, most of which were related to noncash accretion, but we also had some interest in standby costs, which were about $3 million.

因此，我們大多數站點的生產季度表現也十分強勁，這也為我們做出了一些貢獻。因此，實際上，非現金項目構成了淨收益和 EBITDA 之間的巨大差異。我們有一些融資成本，其中大部分與非現金增值有關，但我們也對備用成本有一些興趣，約 300 萬美元。

And then we also had an income tax recovery impacting here as well, mainly related to changes in the FX rate on our tax pools in Mexico. Anytime there's big changes from quarter to quarter in the Mexican peso versus the US dollar, we get these fairly large adjustments on the tax side. So ending EBITDA for the quarter was $119.9 million.

然後，我們的所得稅追回也受到了影響，這主要與墨西哥稅池的外匯匯率變化有關。每當墨西哥比索兌美元匯率每季發生較大變化時，我們就會得到稅收方面的相當大的調整。因此本季的期末 EBITDA 為 1.199 億美元。

Great. David, actually, you explained that way better than I could have. Glad you took that on. Okay. So going to the next slide, slide -- page. Just some notable comments on the quarter. I already covered some of this stuff already during my previous verbiage, but the bonuses, of course, is always June and tax installments, of course, tend to be large.

偉大的。大衛，實際上，你的解釋比我更好。很高興你接受了這個任務。好的。因此轉到下一張投影片，投影片--頁。只是對本季的一些值得注意的評論。我在之前的演講中已經涵蓋了其中的一些內容，但是獎金當然總是在六月份，而稅收分期付款當然往往數額巨大。

At this time of the year, we did have some energy disruptions. There were some weather events in June and water -- had to use extra diesel at San Dimas and so on, and there was also integration costs at Los Gatos, which were kind of onetime off cost, but you can see those details in the MD&A. They're all there, laid out. So if you want to see further details on the impact, please have a look.

每年的這個時候，我們確實會遇到一些能源中斷。6 月出現了一些天氣事件和水災——聖迪馬斯等地不得不使用額外的柴油，洛斯加托斯還產生了整合成本，這是一種一次性成本，但您可以在 MD&A 中看到這些細節。它們都擺在那裡，擺放整齊。因此，如果您想了解有關影響的更多詳細信息，請查看。

And then you see the details on the tax payments and the dividend payments and so on on the slide. We did get upgraded by ISS, our ESG scores, which is pretty impressive. This is a big initiative that the company launched a couple of years ago and our score just continually improves every year.

然後您可以在幻燈片上看到有關納稅、股息支付等的詳細資訊。我們的 ESG 評分確實透過 ISS 得到了提升，這相當令人印象深刻。這是公司幾年前推出的一項重大舉措，我們的得分每年都在不斷提高。

I know many investors don't really pay a lot of attention to this kind of stuff. But we do have a group of investors and shareholders and institutions that really do care about these types of initiatives, and we do continually try to improve that side of our business, which is something we take quite seriously and we're quite proud of it.

我知道很多投資人其實不太關注這類事情。但我們確實有一群投資者、股東和機構真正關心這些類型的舉措，我們也確實不斷努力改善我們業務的這一方面，這是我們非常重視的事情，我們對此感到非常自豪。

So jumping to the next slide, slide 9, the Gatos integration. It's been extremely smooth. It's got to be one of our smoothest integrations in the 23-year history of the company. I guess that's probably to do with the fact that it's a new mine. It wasn't one of the old ancient mines that we bought in the past. We've had to go in and basically rebuild and take time and money to do that.

因此跳到下一張投影片，第 9 張投影片，Gatos 整合。一切都非常順利。這肯定是公司 23 年歷史上最順利的整合之一。我猜這可能與它是一個新礦有關。這不是我們以前買的那種古老的礦場。我們必須徹底重建，並花費時間和金錢。

But in this case, there's no capital required. We're actually even able to reduce the exploration programs a little bit just because they already have a 10-year life of mine. So you don't need to spend that type of capital. As long as we replace reserves at our resources that we're mining on an annual basis, that's really the job of the exploration team. And they do that successfully, and we expect they'll continue to do that going forward.

但在這種情況下，不需要資本。事實上，我們甚至可以稍微減少勘探計劃，因為它們的使用壽命已經達到 10 年。所以你不需要花那麼多資金。只要我們每年補充我們正在開採的資源儲量，這實際上就是勘探團隊的工作。他們成功地做到了這一點，我們期望他們今後能繼續這樣做。

The areas like safety, security, environment, health, people, everything is aligning. We're actually -- just implemented SAP. We've been using SAP within First Majestic for up to almost five years, I think, and getting that implemented at Gatos take some time, and that was just launched last week. So it was really nice to see that. That's really going to give us an extra layer of controls over that operation and brings it into the whole supply chain and maintenance and so on, matching all the guidelines and the policies and procedures within First Majestic. So we're happy to see that.

安全、保障、環境、健康、人民等領域一切都在協調一致。我們實際上剛剛實施了 SAP。我認為，我們在 First Majestic 內部使用 SAP 已有近五年的時間，而在 Gatos 實施該系統需要一些時間，該系統上週才剛推出。看到這一幕我真的很開心。這實際上將為我們在該操作提供額外的控制，並將其納入整個供應鏈和維護等，以符合 First Majestic 內的所有指導方針、政策和程序。所以我們很高興看到這一點。

Okay. Let's move along here. So our financial strength. It's hard to avoid talking about having $510 million in the bank. That's not a bad place to be. So that continually grows or, hopefully, it will continue to grow. There's no plans on spending that money anytime soon.

好的。讓我們繼續前進。所以我們的財務實力。很難避免談論銀行有 5.1 億美元。那不是一個糟糕的地方。因此它會不斷增長，或者希望它會繼續增長。目前還沒有計劃近期花掉這筆錢。

We're going to continue with our current budget. Our budget was released in July. For the balance of the year, there will be no changes to our guidance or our budget or our spend. We are looking at some interesting investments in 2026, but we will discuss that at a later date, when we get closer to January when we put our guidance out for 2026.

我們將繼續執行現有預算。我們的預算於七月公佈。就今年餘下的時間而言，我們的指導方針、預算或支出不會有任何變化。我們正在考慮 2026 年的一些有趣的投資，但我們將在稍後討論，當我們接近 1 月發布 2026 年指導時。

So I think that's it for my presentation. This is the first time ever, and I just -- so the listeners know that we've actually done a PowerPoint presentation. Usually, we do these formal-type discussions or we try to formalize it, and that's why we decided to create some slides, which we've shown you today.

我想我的演講就到這裡。這是有史以​​來的第一次，我只是——讓聽眾知道我們實際上做了一個 PowerPoint 簡報。通常，我們會進行這些正式類型的討論，或者嘗試使其正式化，這就是我們決定製作一些幻燈片的原因，今天我們已經向你們展示了這些幻燈片。

So let's open up the call for questions.

那麼就讓我們開始提問吧。

(Operator Instructions) Wayne Lam, TD Securities.

（操作員指示） Wayne Lam，道明證券。

First question, really nice to see the smooth integration of Gatos and really the operational improvements being made across the entire portfolio. Just wondering if you could maybe help walk through some of the synergies that you've kind of outlined with the integration. And then can you provide maybe a bit more detail on the improvements needed to sustain the 4,000 tonnes per day there and what the timeline would be to achieving that?

第一個問題，很高興看到 Gatos 的順利整合以及整個產品組合的營運改進。我只是想知道您是否可以幫助您介紹您在整合過程中概述的一些協同效應。然後，您能否提供一些更詳細的信息，說明需要進行哪些改進才能維持每天 4,000 噸的產量，以及實現這一目標的時間表？

Sure. Well, thanks, Wayne, for dialing in and listening today, and I appreciate your question. So I'm going to pass your question on to our Chief Operating Officer, Steve Holmes.

當然。好吧，韋恩，謝謝你今天撥電話收聽，我很感謝你的提問。因此，我將把你的問題轉達給我們的營運長史蒂夫·霍姆斯。

Right. So yes, thanks for the question. And at Cerro Los Gatos, we have a situation where the plant capacity is a bit higher than the mine, and that's been that way for quite a few years. So what we're doing is we're accelerating the mining rigs and the ramp development downward in Cerro Los Gatos to basically provide a more continuous supply, more matched with the plant's capacity, and that will take some time. But we put a plan together to execute on that.

正確的。是的，謝謝你的提問。在塞羅洛斯加托斯 (Cerro Los Gatos)，我們的工廠產能略高於礦山，這種情況已經持續了好幾年。因此，我們正在做的是加速塞羅洛斯加托斯的採礦設備和斜坡開發，以便從根本上提供更持續的供應，與工廠的產能更加匹配，但這需要一些時間。但我們制定了一個計劃來執行這一目標。

And so far, we've been pretty successful in doing that. So it's really about making sure the mine can support the capacity of the plant and it's a matter of accelerating development, particularly in the ramp systems, in the northwest zone, central zone and even in the southeast deep zone, which is developing now, which is a big part of the future of the ramp.

到目前為止，我們在這方面做得相當成功。因此，這實際上是為了確保礦場能夠支援工廠的產能，這是一個加速開發的問題，特別是在斜坡系統、西北區、中部區甚至正在開發的東南深區，這是斜坡未來的重要組成部分。

Wayne, does that answer your question?

韋恩，這回答了你的問題嗎？

Yes. I was also wondering -- so that ties in with the synergies portion?

是的。我也想知道──這與協同效應部分有關嗎？

Right. So on the synergies, we've identified many synergies, some of which come from Gatos with -- to First Majestic and many of which come from First Majestic to Los Gatos. Some examples, Wayne, would be, for example, we've instituted, as part of First Majestic's operating practices, really strong reconciliation process within Cerro Los Gatos. It allows us to really measure what we actually achieved versus our plan. And we've seen some really significant opportunities to improve what would break and reduce dilution in the deposit. So we're working on that.

正確的。因此，在綜效方面，我們已經發現了許多協同效應，其中一些來自 Gatos 與 First Majestic 的協同效應，而許多協同效應則來自 First Majestic 與 Los Gatos 的協同效應。韋恩，舉幾個例子，例如，作為 First Majestic 營運實踐的一部分，我們在塞羅洛斯加托斯 (Cerro Los Gatos) 內部建立了非常強大的和解流程。它使我們能夠真正衡量我們實際取得的成就與計劃的對比情況。我們已經看到了一些真正重要的機會來改善可能造成的破壞並減少礦藏的稀釋。所以我們正在努力。

On the other side, we noted that Cerro Los Gatos has a robust business improvement process. It's based on lean principles that some of which we were applying within First Majestic, but they also have some really good processes that we are applying now through the First Majestic operation. So these synergies are two-way streets. We're drawing on the best that we can see in Gatos, and we're providing the best processes and technology that come from First Majestic into Gatos. So those are just two examples.

另一方面，我們注意到 Cerro Los Gatos 擁有強大的業務改進流程。它基於精實原則，其中一些原則我們在 First Majestic 內部應用，但他們也有一些非常好的流程，我們現在正在透過 First Majestic 運作應用這些流程。所以這些協同作用是雙向的。我們借鑒了 Gatos 所能獲得的最佳成果，並將 First Majestic 的最佳流程和技術提供給 Gatos。這只是兩個例子。

You mentioned new contracts that we're renegotiating [and] exploration.

您提到了我們正在重新談判和探索的新合約。

Yeah. So [Mani] just brought up a point that we have a lot of different synergies. One of them, for example, is there are three different exploration contractors doing exploration work at Cerro Los Gatos and we have a major contractor that does most of our work in Mexico that we're quite comfortable with that gives us very good rates on exploration work. And we've integrated that contractor now into Cerro Los Gatos and saw significant savings and exploration work that was being done.

是的。所以 [Mani] 剛才提出我們有很多不同的協同作用。例如，其中之一是，有三家不同的勘探承包商在塞羅洛斯加托斯 (Cerro Los Gatos) 進行勘探工作，我們有一個主要承包商在墨西哥完成了我們的大部分工作，我們對這家承包商非常滿意，這家承包商為我們提供非常優惠的勘探工作費率。現在，我們已將該承包商整合到塞羅洛斯加托斯 (Cerro Los Gatos) 項目，並看到了顯著的節省和正在進行的勘探工作。

So that's one example. Another one is we've looked at all the major consumable contracts like [bulk oils] and things of this nature. And we've been able to utilize some of our major suppliers to integrate the Cerro Los Gatos to give Cerro Los Gatos just lower costs overall. Bulk oils is a good example. Some of the ground control supply is another good example as well.

這是一個例子。另一個是我們研究了所有主要的消耗品合同，例如[散裝油]和類似的東西。我們已經能夠利用一些主要供應商來整合塞羅洛斯加托斯，從而降低塞羅洛斯加托斯的整體成本。散裝油就是一個很好的例子。一些地面控制供應也是另一個很好的例子。

Okay. Great. Yes, it sounds like quite a few opportunities there. Maybe at Santa Elena, you guys are also starting to delineate quite a few new discoveries. Just wondering if you could provide a bit more detail on the sequencing and advancement of some of those new veins.

好的。偉大的。是的，聽起來那裡有很多機會。也許在聖埃倫娜，你們也開始描述不少新發現。只是想知道您是否可以提供一些有關這些新礦脈的排序和進展的更多細節。

Maybe some color on when Ermitaño gets mined out, when does Santo Niño come in? Sounds like that's pretty advanced. And then does Navidad give you that bigger step change in tonnage? And how far out would that be?

也許可以解釋一下當 Ermitaño 的礦井被挖空時，Santo Niño 的礦井何時會開挖？聽起來相當先進。那麼 Navidad 是否會為您帶來噸位方面更大的變化呢？那這個距離有多遠呢？

Yeah. Wayne, some of that information is not yet public, and we've put out news around Navidad and then Santo Niño and Winter. These are three major discoveries, and I've mentioned to people that our geological team is suggesting that these discoveries are larger than Ermitaño. Time will tell. Our maiden discovery, our maiden resources was released in our [AIS] earlier in the year, and there was 30 million ounces at Navidad, which included, I think -- did that include Winter as well or just Navidad?

是的。韋恩，其中一些資訊尚未公開，我們已經在聖誕節、聖嬰節和冬季發布了新聞。這是三個重大發現，我曾向人們提到，我們的地質團隊認為這些發現比埃爾米塔尼奧的發現更大。時間會證明一切。我們的首次發現、首次資源在今年早些時候在我們的 [AIS] 中發布，Navidad 有 3000 萬盎司，我想其中包括 - 這也包括 Winter 還是僅僅包括 Navidad？

It did include a portion of Winter, yes.

是的，它確實包含了《冬天》的一部分。

A portion of Winter and then Navidad. But the drilling is continuing, and then we discovered Santo Niño, which we have [with resource] around yet. Our whole focus is how quickly can we get these ore bodies into the mill. We're doing a bunch of engineering work. Steve is spending a ton of time right now with the team to try to figure out the best way to get into this and how to develop it, where to build the [ads], where to build the tunnels. Once we have all that done, which hopefully will be by end of the year, maybe Q1, we will put out some guidance on that. So we'll be able to answer your question at that time.

冬季的一部分，然後是聖誕節。但鑽探工作仍在繼續，然後我們發現了聖尼諾 (Santo Niño)，我們仍然擁有它周圍的資源。我們關注的重點是如何快速地將這些礦體運送到磨機中。我們正在做大量工程工作。史蒂夫現在正花大量時間與團隊一起試圖找出進入這個領域的最佳方式以及如何開發它，在哪裡建造[廣告]，在哪裡建造隧道。一旦我們完成所有這些工作，希望是在年底，也許是第一季度，我們將就此提出一些指導。這樣我們就能回答您的問題了。

Okay, perfect. Yeah, sounds like a lot to come and excited to hear about those new opportunities. Thanks for taking my questions.

好的，完美。是的，聽起來有很多事情要做，我很高興聽到這些新的機會。感謝您回答我的問題。

(Operator Instructions) Meanwhile, I'll pass the floor over to Mr. Darrell Rae, Investor Relations at First Majestic Silver, to take us through questions submitted from the webcast.

（操作員指示）同時，我將把發言權交給 First Majestic Silver 投資者關係部的 Darrell Rae 先生，請他解答網路直播中提出的問題。

So okay, yes, we'll take a couple from the webcast, Gailene. This one slightly directed towards David. David, what is your total -- First Majestic, what is your total debt outstanding? What was paid in the last quarter in interest? And what are you expecting to pay in 2025 or 2026?

好的，是的，蓋琳，我們將從網路廣播中選取一些內容。這句話稍微針對了大衛。大衛，你的總金額是多少－First Majestic，你的未償還債務總額是多少？上個季度支付了多少利息？您預計 2025 年或 2026 年的支付額是多少？

Yeah. Just to answer that question, what's paid in the last quarter was about $3 million. It's included in the financing bucket of the EBIT to EBITDA slide. It's part of that $7-or-so million. We're not looking at changing or increasing our debt levels at First Majestic, even though we're [there].

是的。僅回答這個問題，上個季度支付的金額約為 300 萬美元。它包含在 EBIT 到 EBITDA 幻燈片的融資桶中。這是約 700 萬美元的一部分。我們不打算改變或增加 First Majestic 的債務水平，儘管我們[那裡]。

Our balance sheet is very strong. And if we had a use for that debt or a project then we can look at it. But as Keith said, right now, our cash balance remains super strong, and it's increasing. And we've got internal projects lining up for -- which we'll probably disclose once they further developed -- the ideas around those are further developed in early 2026. So for now, we've got our converts outstanding. We're happy with that level of debt. And at the right time, we'll see what we do with that.

我們的資產負債表非常強勁。如果我們對該債務或項目有用途，那麼我們可以考慮它。但正如基思所說，目前，我們的現金餘額仍然非常強勁，而且還在增加。我們已經有內部專案在排隊等待——一旦它們進一步發展，我們可能會披露——圍繞這些專案的想法將在 2026 年初進一步發展。因此，目前為止，我們的皈依者人數已經非常出色。我們對這樣的債務水準感到滿意。在適當的時候，我們會看看該如何處理。

And just a comment about debt. I know the analysts out there look at convertibles as debt, but I don't. I look at convertibles as equity. They are convertible into equity, therefore I call it equity. But that $230 million is basically the majority of the company's debt, which is convertible.

這只是關於債務的評論。我知道有些分析師將可轉換債券視為債務，但我不這麼認為。我將可轉換債券視為股權。它們可以轉換為股權，因此我稱之為股權。但這 2.3 億美元基本上是該公司債務的大部分，而且是可轉換的。

Super low carrying costs on those. And also, if we were to think about renewing that or what other options we have, the rates right now are super attractive as well.

這些的持有成本非常低。而且，如果我們考慮續約或有其他選擇，那麼現在的利率也非常有吸引力。

Yes, the rate on that $230 million, for those who aren't aware, is 0.375%, the lowest coupon done in the history of mining companies. It's not one lower. Anything else?

是的，對於那些不知道的人來說，這 2.3 億美元的利率是 0.375%，這是礦業公司歷史上最低的票面利率。這不是更低的一個。還要別的嗎？

Okay. Yes. And another question, probably for you, Keith. Is First Mint up to full capacity? And if not, when is this likely to happen?

好的。是的。還有一個問題，可能要問你，基斯。First Mint 是否已達到滿載狀態？如果不是，那什麼時候可能發生？

No, it's not. And full capacity is measured by basically man-hours and shifts. The equipment could produce more than it's currently producing, but it's limited by man hours. So we could put a second shift on and double current capacity if need be. The budget is to do 100,000 ounces a month. They're slightly behind that. The budget is -- no, not the budget, but the goal is to get up to 10% of the company's production through the Mint.

不，不是的。滿載生產能力基本上是透過工時和班次來衡量的。該設備的產量可能比現在更高，但受到工時的限制。因此，如果需要的話，我們可以安排第二班次，並將當前產能翻倍。預算是每月生產 100,000 盎司。他們稍微落後了一點。預算是——不，不是預算，但目標是透過鑄幣廠實現公司產量的 10%。

We're currently just shy of 6%. So it's not too bad after one year of production. This is a start-up business. It's brand new. There's competition out there that we're dealing with. But it's a profit center. We're making money and we're trying to grow it. And as I said, we're trying to get it up to 10% of the production of the global production of the company.

目前我們僅略低於 6%。所以經過一年的生產，效果還不錯。這是一家新創企業。它是全新的。我們正在應對外面的競爭。但它是一個利潤中心。我們正在賺錢並且努力讓它成長。正如我所說，我們正努力將其產量提高到公司全球產量的 10%。

Okay. That's great. Gailene, any more on your end?

好的。那太棒了。蓋琳​​，你那邊還有什麼事嗎？

We have no further analysts in the queue.

隊列中沒有其他分析師。

That's the final question from the webcast.

這是網路直播的最後一個問題。

All right. And I'd like to hand the call back over to Keith for any closing remarks.

好的。我想將電話轉回給 Keith，讓他做最後的演講。

Well, thanks, everyone, for joining in today, and I'm sure there'll be many people that will be listening to this online after the live presentation. I would ask that you do look at the news release, read through it. If you have further questions, please contact the company, go to info@firstmajestic.com or just dial us in and ask for either Dale or Darrell or Joel. They'll be happy to answer any of your further questions. Thanks again, and have a great day.

好吧，謝謝大家今天的參加，我相信現場演示結束後會有很多人在線上收聽。我希望您看一下新聞稿，並仔細閱讀它。如果您還有其他問題，請聯絡公司，請造訪 info@firstmajestic.com 或直接撥打電話聯絡 Dale、Darrell 或 Joel。他們會很樂意回答您的任何其他問題。再次感謝，祝您有愉快的一天。

This brings today's conference call to a close. Thank you. You may now disconnect your lines. Thank you for participating, and have a pleasant day.

今天的電話會議到此結束。謝謝。現在您可以斷開線路了。感謝您的參與，祝您有個愉快的一天。